Sovcomflot logs rise in 2020 net profit

Russia’s largest shipping firm Sovcomflot reported a higher full-year net profit, driven by its gas transportation business, as well as a good performance of the company’s conventional tanker fleet.

Net profit increased by 18.4 percent to $266.9 million while revenue also rose by 6.7 percent to $1.35 billion, Sovcomflot said.

Sovcomflot said its industrial business portfolio, comprising of LNG and LPG vessels and harsh environment offshore services such as shuttle tankers and ice-breaking supply vessels, accounted for a half of its TCE revenue in 2020 and “continues to provide a long-term fixed income revenue stream.”

Industrial business segments contributed $681.1 million to the firm’s full-year TCE revenue and $179.8 million to the fourth quarter.

This marked a 6.6 percent year-on-year growth and a 4.1 percent increase compared to the fourth quarter in the year before.

In addition, Sovcomflot’s gas transportation business grew with the addition of two new LNG carriers employed in February and September 2020 under long-term contracts with energy majors Shell and Total.

The firm also in January took delivery of the third vessel in a series of 174,000-cbm Atlanticmax LNG carriers Sovcomflot ordered back in 2018. This vessel started serving Shell as well.

- Advertisements -

Most Popular

Japan’s Chiyoda provides Golden Pass LNG update

Japan's engineer Chiyoda has released an update regarding the construction of the Golden Pass LNG export project in Texas,...

South Korea’s Hanwha to increase stake in NextDecade

South Korean conglomerate Hanwha has agreed to buy more shares in US LNG firm NextDecade to increase its stake...

China’s Wison wins Indonesian FLNG gig from Genting

China's Wison New Energies has secured a contract from a unit of Genting to build a floating LNG unit...

More News Like This

Zvezda: naming ceremony held for Arctic LNG 2 carrier

Russian Zvezda yard has hosted a naming ceremony for the first of fifteen ice-class Arc7 carriers which will serve...

Zvezda launches Arctic LNG 2 carrier

Russian Zvezda yard has launched a new ice-class Arc7 carrier which will serve the Novatek-operated Arctic LNG 2 project. The...

Zvezda delivers LNG-powered tanker to Sovcomflot

Russian shipbuilder Zvezda has delivered one LNG-powered Aframax tanker to owner Sovcomflot and charterer Rosneft. Zvezda handed over the 112,650-dwt...

DSME cancels third LNG carrier order linked to Sovcomflot

South Korean shipbuilding giant Daewoo Shipbuilding and Marine Engineering has terminated an order for another LNG carrier after a...